Newsroom
Nigeria Economic Reforms 2018 – CBN, IMF & FMDA Harp the Major Players

The Central Bank of Nigeria (CBN), International Monetary Fund (IMF), and Financial Market Dealers Association (FMDA), were unanimous in calling for a rule-based financial system, compliance and support for the nation’s economy to ensure overall stability. – Nigeria Economic Reforms 2018
Report By: By Chijioke Nelson (The Guardian)

CAPTION: Nigeria Economic Reforms 2018 – CBN, IMF & FMDA Harp the Major Players. SOURCE: ADB
CBN Governor, Godwin Emefiele, said the adoption of risk-focused and rule-based regulatory framework; zero tolerance in regulatory framework for data/information rendition/reporting and infractions and strict enforcement of corporate governance principles in the banking sector have helped to stabilise the industry.The bank chief said this at the 2018 Financial Markets Conference organised by the FMDA in Lagos, with the theme: “The Nigerian Financial Market – A Catalyst for Sustainable Economic-Growth.” – Nigeria Economic Reforms 2018
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Emefiele said expeditious process for rendition of returns by banks and other financial institutions through e-FASS application software, revision and updating of relevant laws for effective corporate governance and ensuring greater transparency and accountability in the implementation of banking laws and regulation have also boosted confidence in the sector.
Still on Nigeria Economic Reforms 2018
Represented by a CBN executive, Mrs. Olatoun Akinola, he identified some key developments that contributed to the strengthening of the financial market to moderate illiquidity after the global financial crisis, like the establishment of Asset Management Corporation of Nigeria in 2010, was to soak the toxic assets of banks.He also said the “Alpha Project Initiative”, which brought about the “new banking model” structure that replaced the hitherto one-size-fits-all model, resulted to the emergence of international banks, national banks, regional banks, and specialised banks.He noted that Nigerian banks are now ranked amongst key players in the global financial landscape, with some of them featuring amongst the First 20 banks in Africa, and among Top 1000 banks globally.
“I want to say that the Nigerian capital market is not left out in terms of reforms to enhance market performance. Take for instance, since the aftermath of the effect of the global financial crisis on the capital market, the apex regulator in the capital market has stepped-up its surveillance activities and initiated different programmes.
“The 10-year capital market master plan initiated by the Securities and Exchange Commission (SEC) is the current overarching capital market development and reform plan covering the overall capital market, non-interest financial products and capital market literacy,” he said.But the IMF Country chief, Amine Mati, attested that the convergence in Nigeria’s exchange rates has been ongoing, adding that while tight monetary policy is welcome, the growth of credit to the private sector has remained low.
He pointed out that CBN’s liquidity operations and rising reserves have pushed money market rates down, urging more measures to effectively raise the country’s revenue, stabilise growth of the economy and foreign exchange issues.”Remove multiple currency practices, restrictions on foreign exchange access for 40 categories of goods, unify foreign exchange market and continue strengthening external buffers,” he said, adding that inflation tends to be significantly higher in countries with multiple exchange rate systems.
Earlier in his opening remarks, FMDA President, Samuel Ocheho, said the group will continue to play a major role in promoting economic growth, by attracting local and foreign investments, as well as enabling participations of various investors in the financial market.
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Customs Corner
Arewa Economic Forum Declares Support For Ag. CGC Bashir Adewale Adeniyi

Author: Muhammad Bashir, Abuja
…As Customs CG Vows to Enhance Trade Facilitation, Rejuvenates Northern Inland Dry Ports
The Chairman of Arewa Economic Forum (AEF), Ibrahim Shehu Dandakata, has said the Acting Comptroller-General of Customs, Bashir Adewale Adeniyi MFR, has solid support for the Forum, considering his notable commitment to enhance border security and trade facilitation in the North.
Dandakata made this known on Tuesday, 26 September 2023, shortly after they met with the Ag. CGC at the Customs Headquarters, Abuja — emphasizing that “his commitment to implement policies that will improve the region is one hundred percent absolute.”
The Chairman, who eulogized the Former Comptroller-General of Customs, Late Dikko Inde, for bringing numerous dividends to the region, expressed optimism that the current administration of Ag. CGC Adewale Adeniyi will exceed what the previous CGCs have done, “we raised an issue, and Mr Adeniyi quickly swung into action on the matter, and we had a great response.” he added.
He said, “We are talking about fiscal policies and entrenchment of a regime that will create an enabling environment for businesses to thrive in Northern Nigeria, most especially in the agricultural sector; therefore, what CGC Adeniyi is doing will be sustainable and far-reaching.”
During the meeting at the CGC’s office, the Chairman appreciated the Ag. CGC for taking progressive steps to make things better in the North, highlighting that “Nigeria now has a very responsive government, and AEF is proud to have a very responsive CGC.”
According to him, the idea behind visiting the Ag. CGC was to bring new ideas that will help his administration to succeed, adding that the Forum is looking forward to witnessing the enhancement of cross-border trade in Ilela, considering its magnitude in boosting the region’s economy.
He, however, pleaded with the Ag. CGC to look into the conditions of Inland Dry Ports in the North, which, according to him, “are essential in carrying out businesses in the region – and as it stands, they’re not functioning.”
The Chairman also seized the opportunity to invite the Ag. CGC for an Economic Summit slated to take place before the end of the year, assuring that the summit will revolve around creating awareness for people to invest in the North.
Responding, the Ag. Comptroller-General of the Nigeria Customs Service, Bashir Adewale Adeniyi MFR, says his administration is up and doing to enhance trade in the North, considering its importance in boosting Nigeria’s economy and prosperity.
The Ag. CGC, who spoke about the current situation in the Niger Republic and how it affects trade in Nigeria, also said that “considering the significance of trade in Northern Nigeria, the Nigeria Customs Service finds it interesting to engage in trade talks, but can be achieved when there’s absolute peace in the area.”
He assured the entourage of Customs’ commitment to look into the matter of Inland Ports and consult the Federal Government to fast-track the process, adding that “Customs is willing to support the situation.”
As regards the Forum’s forthcoming Summit, the Ag. CGC said that NCS will watch out for the Economic Summit to attend, adding that “there’s so much economic potential in the North, which, if revamped, will contribute to the development of the country’s economy.”
Customs Corner
A Deeper Dive into the Impactful Journey of Acting CGC Adewale Adeniyi

The announcement of Bashir Adewale Adeniyi’s appointment as the Acting Comptroller General of Customs for the Nigeria Customs Service while he was on an official assignment at the World Customs Organization (WCO) Policy Commission and Council Session in Brussels was met with jubilation, not just among Customs officers but also by Nigerians and the international community. This move has injected fresh hope into the organization and raised expectations for transformative leadership.
Adeniyi’s rise to this pivotal position is a testament to his unwavering commitment to his career, which spans an impressive three decades. His journey began with remarkable promise, and he consistently proved himself through dedication and excellence. From his early days as the Customs Public Relations Officer to his significant roles at the Nigeria Customs Command and Staff College in Gwagwalada, Abuja, Adeniyi steadily built a reputation for outstanding performance.
His appointment as Acting Comptroller General was no coincidence; it was the culmination of a career marked by dedication and professionalism. His leadership style has been characterized by a hands-on approach. From the outset, he embarked on a tour of Customs Formations, emphasizing his commitment to improving customs operations and national security.
Adeniyi’s dedication to his official responsibilities and beyond is extraordinary. He has flagged off projects to expand office and residential accommodations, warehouse facilities, and a model college for training and retraining of officers. These initiatives underscore his commitment to the growth and modernization of the Customs Service, departing from conventional leadership approaches.
But what truly sets Adeniyi apart is his integrity. He has garnered numerous awards and recognitions, including the National Honour of Member of the Order of the Federal Republic (MFR) and Fellowship of the Nigerian Institute of Public Relations. His decisive actions, such as the seizure of $8,065, 612 million at Murtala Mohammed International Airport while he was an Area Controller, have solidified his reputation for fearless and effective leadership.
His competence and qualifications are beyond question. He has actively participated in numerous Customs-related summits and meetings worldwide, gaining invaluable expertise and knowledge of customs operations. This extensive experience positions him as a highly qualified leader for the organization.
Adeniyi’s vision extends into the future, with a strong emphasis on technology and innovation. He envisions a Customs Service that fully embraces technological advancements, emphasizing data gathering, mapping techniques, and satellite imagery to enhance operations. His plans for collaboration with technology institutions promise to usher in a new era of efficiency.
Furthermore, Adeniyi’s commitment to the welfare of Customs Service staff has been unwavering. He has worked diligently to address long-standing issues and improve conditions for officers and employees, reinvigorating the Service and earning widespread appreciation.
Adeniyi’s leadership extends beyond the confines of his office. He has actively engaged with government establishments and executives across the federation, fostering cooperation and achieving tangible results. His dedication to President Bola Ahmad Tinubu’s success is evident, and his hands-on approach to leadership is commendable.
In the months ahead, Nigerians can anticipate the positive impacts of Adeniyi’s leadership. His tenure promises increased business activity, facilitated trade, reduced smuggling, enhanced revenue generation, and increased foreign investment, which will benefit the country and its youth.
In conclusion, as some seek to obstruct progress for their personal gain, it is crucial for Nigerians to rally behind the positive changes Adeniyi is bringing to the Nigeria Customs Service. His leadership is a beacon of hope, and we must collectively reject the efforts of economic saboteurs and opportunists who seek to disrupt our nation’s growth and progress.
Muhammad Bashir, a public affairs analyst writes from Abuja
Customs Corner
Comptroller Senas Ukpanah Resumes as CAC, Enugu/Anambra/Ebonyi Customs Area Command, Charges Officers on Synergy, Discipline.

Author: Vivian Daniel, Abuja
Following her assumption of duty as the Customs Area Controller (CAC) of Enugu/Anambra/Ebonyi Area Command, Comptroller Comfort Senas Ukpanah has charged Officers and men of the Command to be ready to walk the talk with her in moving the Command forward.
She made the appeal in her welcome speech at the Enugu/Anambra/Ebonyi Area Command’s Conference Hall on September 15, 2023, while taking over the Command’s helm of affairs from Comptroller Adebola Mumeen Adegbite, who also resumed as CAC of Edo/Delta Area Command.
“I urge you all to gear up for the task ahead, a task of transformation of the Command through a core cardinal program, centred on discipline/codes of conduct, revenue collection, facilitation of legitimate trade, inter-agency collaboration and synergy, as well as stakeholder’s engagement,” she said.
She also charged all Senior Officers to redouble their efforts in all areas of the Command’s operation to enable the Command to meet and surpass its Revenue target. The CAC drew their attention to the Key Performance Indicator (KPI), Revenue and charged Officers to ensure that areas of Revenue leakages are identified and blocked, especially now that the Federal Government relies so much on Customs for GDP growth.
Meanwhile, the outgoing Comptroller, Adebola Mumeen Adegbite, spoke about the Command’s achievements during his administration. He stated that the Command generated 17 billion naira from January to date.
Comptroller Adebola Mumeen Adegbite also eulogised the Officers of the Command for their support during his leadership and the stakeholders who came for the occasion while calling on them to redouble the same support for the new Controller – Comptroller Comfort Senas Ukpanah, whom he described as “a core professional and highly disciplined officer.”
The new Customs Area Controller, Comptroller Comfort Senas Ukpanah, also spoke on the need for training and retraining to enable Officers to be at par with the latest operational developments in the service, especially in the areas of ICT given the imminent full automation of Customs processes and procedures. She also spoke on the need for Senior Officers to mentor the junior ones in line with the theme of the 2023 International Customs Day (ICD).
In her response, the CAC appreciated the outgoing Controller’s leadership abilities, which led to his accomplishments.
Comptroller Comfort Senas Ukpanah applauded the appointment of the Ag. Comptroller-General of Customs, Bashir Adewale Adeniyi MFR, which she described as well-deserved and while addressing other Senior Officers in the Command, she highlighted her agenda towards a better and efficient Service within her Area of Responsibility (AoR) alongside her core cardinal programs, which will centre on discipline/code of conduct; revenue collection, facilitation of legitimate trade; inter-agency collaboration and synergy, as well as stakeholder engagement.
Furthermore, the CAC reiterated the need for the Officers to pay close attention to the Key Performance Indicator (KPI) of Revenue Generation and cautioned officers to block all avenues for revenue leakages.
The new Area Controller also harps on training and retraining officers, especially in the area of ICT, to align with the automation mantra of Customs processes and procedures.
She also stressed the need for Senior Officers to mentor the junior ones as it relates to the theme of the 2023 International Customs Day celebrated every 26 of January, “Nurturing the Next Generation: Promoting a Culture of Knowledge-sharing and Professional Pride in Customs”.
Comptroller Comfort Senas Ukpanah hails from Mbio-Oku Ikot odung, Ikono Local Government Area of Akwa-Ibom State, Nigeria, and she is a graduate of Chemistry from the University of Calabar.
She was enlisted into the Nigeria Customs Service as a Cadet Officer in 1990 and had her basic training at the Nigeria Customs Service Training College, Ikeja, in 1991. She rose through different ranks and became a full Comptroller in 2022.
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